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The syrups market size is projected to increase by USD 10.46 billion, at a CAGR of 4.5% between 2023 and 2028
APAC emerges as the top producer and consumer in the market, driven by rising demand for convenience food and alternative sugar sources. The region's market growth is bolstered by increasing demand for syrups across industrial and non-industrial sectors, alongside evolving consumer preferences. Syrups are integral to various industries including confectionery, bakery, cereal, and dairy. This reflects a global trend towards the adoption of syrups due to their versatility and benefits across diverse applications. Forecasts indicate sustained growth in consumption rates, aligning with evolving market dynamics and consumer demands.
The market shows an Accelerated CAGR during the forecast period.
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New product launches is the key factor driving the market. The manufacturers are adopting innovative and distributive strategies to increase the market size of these products. Successful new product launches increase the competition among the companies, are expected to accelerate the expansion of the market. A successful new product launch helps in increasing the revenue flow of a company and broadening its consumer base.
Additionally, new product launches increase the market share of players and offer them a competitive edge over other players in the market. For instance, in November 2023, Rowse, which is a subsidiary of Valeo Foods, announced the launch maple syrup brand into Sainsbury. Thus, the increasing product launches is anticipated to drive the growth of the market during the forecast period.
Growing preference for plant-based diet is one of the primary market trends. The preferences of consumers are shifting toward vegan products. Maple, rice, malt, and agave syrups are vegan sweeteners that have become popular as a natural sweetener and have become a popular substitute for traditional sweeteners, such as table sugar. Maple, rice, malt, and agave are considered healthier than regular sugar or artificial sweeteners as they are derived from plant-based sources and consist of low calories.
Furthermore, the increase in the prevalence of diabetes, obesity, high blood pressure, and other chronic diseases drives the demand for naturally derived sweeteners. Further, the rising concerns regarding weight management and obesity surge the demand for agave and maple as sweeteners as they contain potentially fewer calories compared with traditional sugars, aligning with weight management goals. Therefore, the growing preference for a plant-based diet drives the development of the market during the forecast period.
Growing health concerns about diabetes and obesity is a major challenge that affects market expansion. It has been noted that the number of obese people is increasing globally. The rise in obesity levels is due to the ingredients in food products. The use of emulsifiers in ice creams leads to obesity and diabetes. Emulsifiers are additives that are added to the processing of foods to stabilize them. As per the US FDA, emulsifiers are generally regarded as safe because they do not have a toxic effect on mammals and pose no risk of cancer.
However, a recent study conducted in mice revealed that emulsifiers could alter the makeup of bacteria in the colon and cause inflammation in the gut to result in changes in the metabolism. In the growing health-conscious environment, this is a challenge for the market. Furthermore, increased instances of lifestyle disorders such as obesity, diabetes, and others in developed economies are leading to various health problems, including respiratory disorders, heart ailments, and anxiety. Thus, such factors may impede the expansion of the market during the forecast period.
The offline segment will account for the largest share of this segment.?The offline distribution segment includes supermarkets and hypermarkets, discount stores, convenience stores, and individual retailers. Hypermarkets and supermarkets offer multiple syrups from various brands. Moreover, in-house promotions by retailers and easy ways to compare prices attract consumers to shop from hypermarkets and supermarkets. In addition, most consumers prefer convenience stores for purchasing syrups, as they are usually located in residential neighborhoods and help customers buy products whenever required. Further, independent retailers also constitute one of the sources of syrup sales. Hence, the offline segment is expected to witness a substantial boost in the market during the forecast period.
The market share by the flavor segment will be significant during the forecast period. Flavors are enhancers that refer to the compounds that are added to a food to supplement or enhance its own natural taste. There are a variety of flavored syrups available, such as vanilla, hazelnut, chocolate, caramel, lavender, toffee syrups, and butterscotch syrups. Flavored are used as a food enhancer in various culinary applications, including baking and desserts, beverages, and breakfast salads. It contains distinctive sweeting properties and a unique taste to the food and beverage. Thus, such factors drive the demand for flavored syrup from consumers globally.
The flavor segment was valued at USD 25.48 billion in 2018.
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Furthermore, the escalating demand for processed and convenience foods is driving the increased utilization to elevate the flavors. The flavor segment of the market is witnessing rapid expansion propelled by an increasing preference for premium-quality products and a growing inclination toward novel and exotic flavors. In addition, the increasing demand for food products with enhanced taste and flavor and growing consumer preferences for more delightful culinary experiences are resulting in substantial growth of the flavor segment of the market during the forecast period.
APAC is estimated to contribute 36% to the growth of the global market during the forecast period
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Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period. The availability of organic syrups such as maple and agave, which are high in demand attributed to the growing prevalence of health conditions such as obesity, and therefore, is significantly replacing sugar as a cooking ingredient. Additionally, the growing influence of Westernization has fueled the consumption of several food items in the region, including syrups.
However, organic syrups such as agave are still in their nascent stage in many emerging countries, such as Indonesia, Taiwan, and India, where the per capita consumption of agave syrup is still low. This can be attributed to the low awareness and low availability of a wide range of syrup products. However, the popularity of international dishes, such as pancakes, among youngsters has increased the consumption of syrups in the region.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market forecasting growth and analysis.
The market growth and forecasting report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Associated British Foods Plc, Bateel International Llc, Cargill Inc., Conagra Brands Inc., FDL Ltd., Kerry Group Plc, Monin Inc., R. Torre and Co., Sensient Technologies Corp., Tate and Lyle PLC, The Coca Cola Co., The J.M Smucker Co., and Valeo Foods Ltd.
The market analysis and report of qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research and growth report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
The syrup market is witnessing a surge in demand, driven by evolving consumer preferences towards convenience and ready-to-eat food items. Acting as both a taste enhancer and sweetener, sweet-flavored syrups dominate, but savory-flavored syrups are gaining traction. With a growing interest in healthy alternatives, organic/natural syrups offer functional benefits and cater to health awareness.
This shift is supported by the rise of clean-labeled ingredients and organic food alternatives. Natural and organic syrup manufacturers, especially in developed markets like the US, are introducing new flavors in beverages, such as fruit syrup and organic vanilla syrup, enhancing popular choices like lattes and iced coffee. Amidst the quest for innovation, substitutes like Singing Dog Vanilla are making waves in the beverage products industry.
Syrups Market Scope |
|
Report Coverage |
Details |
Page number |
97 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.5% |
Market Growth 2024-2028 |
USD 10.46 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
3.74 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 36% |
Key countries |
US, China, India, Germany, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Amoretti, Archer Daniels Midland Co., Associated British Foods Plc, Bateel International Llc, Cargill Inc., Conagra Brands Inc., FDL Ltd., Kerry Group Plc, Monin Inc., R. Torre and Co., Sensient Technologies Corp., Tate and Lyle PLC, The Coca Cola Co., The J.M Smucker Co., and Valeo Foods Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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